The first phase of any start-up project is to secure financing. We make sure our clients get access to the best financing options from multiple lending partners. We assist our clients in negotiating loan terms, walking them through lending conditions to ease the stress and workload.
Step 2: Site Selection
Once the loan process is done, the next step is to finalize your decision in determining the best location for your practice. We obtain demographic studies and support material to help our clients identify the best areas that meet our client’s need. As we close in on a specific location, we will introduce you to a lease negotiator to facilitate the lease process and Letter of Intent submission to meet the lending conditions.
Step 3: Space Design
The design process ensures that our client’s vision for the office materializes. We coordinate tours with potential contractors and equipment specialists to certify feasibility of the design for optimal function.
Step 4: Construction Coordination
It is essential to get the contractor and construction process started as quickly as possible. If not done correctly this seemingly insignificant step can add 2-3 months to the project process as well as take away large chunks of the budget.
Step 5: Loan Funding Criteria
In this step, we walk our clients through the important process of loan document signing. Loan documents need to be endorsed before signing the lease so you can write a deposit check. We review with our clients if there are any hard versus soft cost restrictions to ensure that the “Conditions of Lending” are quickly satisfied.
Step 6: Insurance Guidance
One of the most important items the banks need before finalizing the loan is having the proper insurance[s] in place. It's not just the typical life and disability but also knowing the proper coverage amounts for business personal property and worker’s compensation insurance. It is our goal to make sure that you have proper coverage without overspending unnecessarily.
Step 7: Equipment Selection
We then, finalize what equipment the doctor needs and wants with known lending terms. We introduce our clients to their territory representative that they will be working after the project is complete. We verify that the equipment representative and the contractor have collaborated well together in the past to guarantee that mistakes are minimized.
Step 8: Marketing
Marketing is what brings new patients into the practice and is responsible for its growth. We make sure our clients create a brand and identity for their practice, and capitalize on organic marketing like social media, website, yelp, etc. Insurance companies are also considered as a tool for marketing as well as internal dental service plans to attract non-insured patients. Then, we implement systems in the practice to keep patients coming back for life, not just for one or two visits.
Step 9: Hire Your Team
The culture of a practice is paramount and most often overlooked. The "team" is the engine that keeps the practice running in the right direction. It is important to hire candidates based on personality profiles and values that fit the job description and needs of the office. Having the right HR system in place ensures the employee and practice’s long term success.
Step 10: Grand Opening
After all the anticipation, the excitement is revealed with the Grand Opening to share our client’s dream project with their new community. One week before the grand opening, we invite our client’s friends and family members for a soft opening and a dry run of the event. The Grand Opening event welcomes the local community and potential referral sources for the doctor and team to connect with. Press releases and photos of the event are posted on all available social media platforms and community news outlets.
Jonathan Miller has dedicated the past 12 years working with dentists exclusively in helping them realize their visions of practice ownership. During that time, he has helped open over 200 new dental offices from scratch working closely with nearly a thousand doctors. Utilizing Fortune Management’s established network of over 90 Executive Coaches across the country, allows access to real-world experience on what makes a successful practice. Jonathan is an experienced public speaker and has been invited to speak year after year to some of the top dental schools in the country like USC, UCLA, University of Pennsylvania and Temple.